The general body of KIIFB held on June 30, 2020, accorded approval to initiate the appraisal by IFC for loan for KIIFB’s Green projects and other infrastructure projects, a statement from KIIFB confirmed.
IFC, a member of the World Bank Group, is an international financial institution that offers investment advisory, and asset manageent services to encourage private sector development in less developed countries.
“IFC has been helping accelerate the growth of the $33 billion global green-loan market by offering an IFC Green Loan product to create new options for businesses in developing countries to obtain green financing,” an IFC document has said.
IFC has been extending its investment clients the option of structuring loans in accordance with the Green Loan Principles. The World Bank arm also specifies how loan proceeds should be used and how projects should be selected in order to qualify for green-loan status.